Market sentiment around the XRP price is flipping bullish as technical indicators and recent chart movements suggest a promising upward trajectory

Market sentiment around the XRP price is flipping bullish as technical indicators and recent chart movements suggest a promising upward trajectory

The crypto market is showing signs of recovery in 2024, with altcoins like XRP leading the charge. As market sentiment flips bullish and technical indicators suggest a promising upward trajectory for the next three months, the crypto community is abuzz with anticipation.

With momentum building, one crypto analyst is now eyeing a potential rally that could push XRP as high as $36. According to a new prediction posted by crypto analyst Dark Defender on X, formerly Twitter, the XRP price is gearing up for an explosive surge to $36.76.

The chart analysis, which applies the Elliott Wave Theory, shows that XRP has broken through a crucial three-month resistance trendline that has capped its price action since its 2018 peak. This breakout signals a powerful shift in market structure, indicating that the long-standing bearish trend may be over.

The three-month candlestick chart also shows that XRP is now entering Wave 3, which is typically seen as the strongest and longest wave. If this pattern holds, XRP could be on the verge of its most powerful rally yet.

According to Dark Defender, the upside target for XRP could reach as high as $36.76, which represents a 423.6% increase from the lower support level at $0.84. However, before the token reaches this projected price level, it has several short-to long-term bullish targets.

In the short term, XRP could reach $3.33, while its mid-term goal is $5.85. The analysis also shows that XRP has several key percentage gain levels that may act as interim resistance zones. A 161.8% gain points to a potential price of around $13.81, while a 261.8% surge suggests a move toward $18.96. If momentum continues, the token could push further to $26.87, aligning with a 361.8% increase.

On the downside, support levels at $2.3620 and $2.222 are expected to act as strongholds in case of any retracement before continuation. Moving forward, Dark Defender has doubled down on his bullish stance on XRP’s future outlook, referencing a tweet dated March 17 that boldly declared, “XRP is extremely bullish.”

On May 13, crypto analyst Ali Martinez stated that on-chain data from Glassnode reveals a clear bullish path for XRP, with no signs of major resistance clusters ahead. The analysis based on the UTXO Realized Price Distribution (URPD) indicates that a significant portion of XRP tokens were last moved at lower price levels.

The chart, which Martinez shared with his 200,000 X followers, highlights a substantial support zone at $2.38, where nearly 1.85 billion XRP, amounting to 2.92% of its supply, were last transacted. This concentration of holders could serve as a psychological and technical support level if the market pulls back.

Furthermore, the absence of large token holdings at higher price ranges suggests that the price could experience a smoother ascent, unburdened by major resistance from profit-takers.